CESGAR – Confederation of Spanish Mutual Guarantee Societies

Carranza 25
28004 Madrid

+34 914451400
+34 914489289

CESGAR is the Association of financial entities that provide guarantees to facilitate the access to finance of small and medium-sized companies and self-employed workers. CESGAR is a national umbrella organisation of 18 Mutual Guarantee Societies, the first of which had been created in 1979. The usually guarantee covers 100% of the bank loan.

CESGAR plays a central role in the activity of Sociedades de Garantía Recíproca (SGR, Mutual Guarantee Societies) by being their central negotiator with the Government, with the Central Bank and with competition authorities.

The system of Public support is based on certain limited tax exemptions and mainly on counter-guarantees granted by CERSA at a rate (30 to 75%) that depends on political priorities such as innovation and types of operations such as investments.

Year of creation
individual entities or association
Type of organization
National Promotional Bank (NPB), National Promotional Institution (NPI), Private, Mutual, Mixed
Type of scheme
guarantee or counter-guarantee
Product typology
guarantee or counter-guarantee or co-guarantee
i.e. fully mutual, funded by SMEs, banking associations, fully public, fully private, private-public, mixed models
Private-public mixed models
Shareholder structure
Private / Public (in %)
71% private, 29% public
Legal form
of single guarantee entity or association: i.e. fund, development bank, development agency, cooperative or mutual societies, bank, foundation, association, limited company, etc.
Legal form
of members of an association: i.e. fund, development bank, development agency, cooperative or mutual societies, bank, foundation, association, limited company, etc.
Financial Entities
Structure / Network
i.e. central scheme with regional offices, central scheme only, association network
Regional by autonomous community
Geographic coverage
i.e. local, regional, national
Sectorial focus
i.e. agriculture, industry, crafts, retail, liberal professions, cooperatives, etc.
Agriculture, Industry, Crafts, Retail, Liberal professions, Cooperatives
Size of businesses supported
i.e. large companies, SMEs, micro-enterprises, independent/self-employed
SMEs, Micro-enterprises, Independent/Self-employed
Supervision statute
i.e. mono-product banking licenses, financial intermediary statute, non-supervised. For associations, please state statute of members
Under supervision of the Bank of Spain
Profit / Non-profit oriented
dividends to public shareholders are not considered as profit orientation
Non-profit oriented
Do you benefit from a counter-guarantee at local, regional or national level?
Local level or Regional level or National level
Regional and National level - CERSA Compañia española de Reafianzamiento
Are you/your members financial intermediary for EU-programmes?
CIP/COSME or Structural funds or Progress or RSI/RSFF Horizon 2020
CIP/COSME and RSI/RSFF Horizon 2020
Types of guarantee products provided by your organisation/your membersLoan default guarantees, Working capital loan guarantees, Leasing guarantees, Project guarantees, Export guarantees
Other SME support instruments offered by your organisation/your members
Subsidized loans or Mezzanine financing or Venture capital or Coaching or Mediation services
Mediation services
Is the activity subject to state aid regulation?Yes
Do you (your members) use..?
De minimis or GBER or Regional guidelines or Notification
De minimis and Regional guidelines
Do you (your members) dispose of an internal rating/scoring system?Yes
Do your guarantees provide deponderation (capital relief) for member banks subject to capital requirements (Basel agreement)?Yes
Do you (your members) benefit of a public counter-guarantee that allows deponderation (capital relief)?Yes


Report on SME Financing 1-2016 (SP)
application/pdf | 746 KB